Coupled with the high property prices there, adding taxes in results in a hefty investment. Read More

NEWS BITES

Matthew Fox Lists Oregon Home
“Lost” television star Matthew Fox has listed his Oregon mountain home for $4 million. The Bend, Oregon, four-bedroom is set on over 10 acres overlooking the Cascade range and was built in 2009. The 4,000-square-foot modern design home has 22-foot ceilings, exposed ducts, an airplane hangar, heated concrete flooring and utilizes solar energy. Realtor.com

U.S. Rent Prices Up in January
U.S. rent prices increased 2.8% in January, with low-end rentals seeing the largest rise, according to CoreLogic’s Single-Family Rent Index. Las Vegas experienced the largest bump, with prices up 4.8% year-on-year. Following Las Vegas in growth were Orlando, Florida, and Phoenix, Arizona. Honolulu was the only one of the 20 areas studied to experience lower rents. World Property Journal

U.S. Homes Selling At Quickest Rate
Homes in the United States sold at the fastest pace ever in 2017, a new report from Zillow found, with the period between marketing the home to closing the sale taking an average of 81 days. Likely fueling the trend is a lack of supply, as evidenced by the fact that inventory has decreased year-on-year for the past 37 months and a quarter of all properties are selling for above the asking price. Nearly all of the country’s top 35 markets saw sales progressing at their fastest rates, with homes in San Jose, California, a city that has experienced a 26.8% decline in inventory this year, averaging only 41 days. PropertyWire

Increased Rental Units in Chicago’s Downtown Bring Worries of Oversupply
A project that will bring a billion dollar tower with 439 new rental units—in addition to retail and hotel and condo space—to Chicago’s Tribune Tower area has many wondering if new supply will lead to a slowdown in the downtown rental market. In 2017, 4,348 new units were delivered to the area—the largest number ever—with 3,000 slated for this year and 4,200 in 2019. While the neighborhood saw 19,448 new workers last year, the largest increase in the past five years, it seems unlikely that there will be enough need to fill the greater supply. The Real Deal